KPMG chief economist Diane Swonk offers a bleak prognosis for the economy after President Donald Trump’s across-the-board tariffs. The risk of a recession has gone up, she says, as has the risk for stagflation. And the job of the Federal Reserve just got much harder. We’ll also learn how the cost of those tariffs will be passed onto consumers and hear a conservative take on tariffs and industry reshoring.

34%. 32%. 24%. 20%. Those are the additional tariff rates on — in order — China, Taiwan, Japan and Europe that President Donald Trump has imposed. Stock markets are down hard. This morning, we’ll parse how key U.S. trade partners are responding to new duties on goods and hear what all this means for everyday consumers. Also on the show: Why haven’t higher interest rates slowed the job market?

From the BBC World Service: With tariffs imposed by the U.S. on economies across the globe, we’re gathering reactions from some of the countries affected. China is vowing to fight back while Europe is collectively mulling over how to respond. Some of the world’s poorest countries will be hit hardest — Cambodia and Laos among them. But there could also be opportunities as trading strategies shift and new partnerships emerge.

Carmakers say sales soared last month as buyers snapped up vehicles in attempts to get ahead of the tariffs President Donald Trump is set to announce later today. Vehicle sales could fall after tariffs are implemented and car prices surge. Plus, U.S. businesses went on a hiring spree in March. How exactly can jobs affect interest rates? We’ll discuss. Then, we’ll look at how London’s millennium-old Borough Market has evolved to serve modern tastes.

President Donald Trump is slated to unveil a slew of tariffs today, though we don’t know exactly how high these import taxes will be. What we do know is that a lot of U.S. allies are promising to retaliate in what could be the start of a far-flung trade war. And later: why J&J is in bankruptcy court for its talc suits and how credit card swipe fees are hitting bottom lines.

From the BBC World Service: Finland is planning to boost defense spending by $3.2 billion because of security worries. The Nordic country has seen a boom in its defense tech industry since the start of the war in Ukraine. Plus, we’ve been visiting marketplaces as part of our special “Tricks of the Trade” series. This time, we’re at London’s Borough Market, which attracts 20 million visitors a year.

Rocket — the company behind Rocket Mortgage — has struck a $9.5 billion deal to buy Mr. Cooper, a company that focuses mainly on collecting mortgage payments. That comes less than a month after Rocket bought online real estate brokerage Redfin. What’s behind the buying binge? Then, as part of our ongoing Tricks to the Trade series, we hear tips and reflections from flower purveyors at London’s New Covent Garden Market.

Some restaurants are still digging out of the hole the COVID-19 pandemic put them in. Many took on debt to survive the pandemic when they had to shutter; others have debt from before. The costs of those loans are still weighing on many restaurants — especially smaller establishments. We dig in. Also on this morning’s show: the war on ticket scalping, Vietnam’s slashed import duties and a delay in a Panama Canal port deal.